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Tuesday, July 14, 2009

I liked this article on MSN about "Things your bank won't tell you." It fell short of "The financial industry is one big scam!", but had some interesting bits.

It had an interesting bit on how the interest on a checking account is low compared to what's available elsewhere. It neglected to mention that true inflation is 20%-30% or more.

I really liked this bit about "mandatory arbitration clauses":

A recent suit against an arbitration firm brought by the San Francisco city attorney noted that arbitrators ruled in favor of banks in 100% of the 18,045 California cases brought against consumers from January 2003 through March 2007.

These "mandatory arbitration clauses" usually involve a dispute between a corporation and an individual. You might say "If you don't like it, don't sign it!" However, when the corporation has a State-backed monopoly/oligopoly, "Go to a competitor!" may not be an option. Further, most people won't bother noticing the arbitration clause until they get ****ed over.

The problem is that the arbitrators are chosen by the corporation. The arbitrators know who's paying their fees, and so they tend to rule in favor of the corporation. Of course, monopolistic State courts also tend to be biased in favor of corporations. The problem is that the government courts, the corporation, and the arbitrators all have a State-backed monopoly.

In an arbitration hearing, you still are expected to hire a lawyer. That eliminates a lot of the benefit.

Contrast this with contract enforcement in a true free market. In that case, arbitration clauses are desirable. The arbitrator has an incentive to be impartial. If an arbitrator makes an obviously unfair decision, then private police agencies may not enforce it.

When both parties to a contract have an unequal bargaining position, clauses that hurt the person with less bargaining power should not be enforceable. According to natural law, these "mandatory arbitration clauses" aren't valid.

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My Favorite Links

Here is a collection of my favorite links.

Personal Finance

For personal finance, my most frequently visited site is Yahoo Finance. Yahoo Finance has the best system for watching your stock quotes during the day. I also like the Motley Fool. Both of these websites encourage you to do independent thinking about finance.

My favorite discount online broker is Vanguard. They are not the cheapest commission-wise, but their customer service has been excellent. Plus, they give a high credit interest rate on the cash portion of your account.

Mises, Rothbard, and Austrian Economics

The school of "Austrian Economics" advocates credit-based money instead of debt-based money. There are two separate websites, www.mises.org and www.mises.net. These philosophies are a precursor to agorism. However, they still hold out false hope that the people who control the government can be convinced to switch to a fair monetary system. They fall short of the correct conclusion that government itself is the problem.

The Mises and Austrian school is still a pro-State theory of economics. They say "government should adopt a sound monetary policy instead of an unsound monetary policy". They fall short of the truth, which is "Who needs a government?"

Agorism and Anarcho-Capitalism

The primary source most commonly cited is agorism.info. Agorism.info has good introductory material, but I'm already looking for more advanced topics. I also found TOLFA interesting. The Molinari Institute has a lot of interesting links.

The source with the most advanced material on agorism is Kevin Carson's The Mutualist Blog.

This link on the History of Money has a lot of interesting bits on how bankers have controlled the world's money supply for hundreds of years or longer. Unlike most other sources, it is very short and to the point. However, their recommended solution falls short of true agorism.

Freedomain is another good read. He doesn't update his blog often, but he has a lot of good stuff posted in the past.

Kevin Carson's Mutualist Blog - This is a great source. He is tough to read at times, but his content is great. He's the best source on agorism I've seen. I like to take his topics and present them in simpler language. He updates his blog sporadically, but he has a lot of great content. It's also worth reading his other books and articles, which are available from his mutualist.org website. I also like the way Kevin Carson frequently links back to his favorite older posts. Kevin Carson's Shared Items is also worth reading; it's a list of posts from other blogs that he finds interesting.

Kung-Fu Monkey. This blog is written by someone who works as a writer in the entertainment industry, which explains the high quality of writing. He sounds like a closet agorist, although he hasn't specifically mentioned that philosophy. This post on the Extrapolated Everyday Bull**** Comparison has promoted Kung-Fu Monkey from my hitlist to my "read regularly" list.

Redpillguy's Blog - His blog is relatively new, so it's hard to judge. He doesn't really update his blog that often. On the other hand, he frequently cites my content, and that's certainly the sort of thing I appreciate.

Tranarchism is another new blog. It's too soon to judge the content. On the other hand, anyone who heavily cites my stuff can't be all bad. It's too infrequently updated.

Wally Conger's Blog is another good read. However, he really has two separate blogs mixed together. He has a lot of good stuff on agorism and libertarianism. However, he also likes to talk about his favorite movies and TV shows a lot.

Blog HitlistThere are blogs I'm currently evaluating to see if they're worth a regular read. I currently manage my hitlist through Google Reader.

Honorable Mention

These blogs have some interesting content, but they don't make it into my regular reading rotation. If they improved their content or improved their posting frequency, then they would be in my regular reading list. I check back occasionally, and on a slow day I might read them.

Bill Rempel - He talks about finance and trading. He really dislikes the Federal Reserve. I'm not sure if he's come all the way to agorism yet, but perhaps he can be coaxed. He's guilty of my #1 blog pet peeve: A PARTIAL RSS FEED!

Bored Zhwazi - Has some nice content, but it really isn't updated that often. It's worth checking back once every month or two.